Crédit Agricole Launches MiCA-Compliant EURXT Stablecoin on Ethereum

France's second-largest bank by assets, Crédit Agricole, has officially entered the euro stablecoin sector with the introduction of EURXT — the EURO eXchange Token — issued on the Ethereum blockchain by its asset-servicing subsidiary Caceis Bank. The token launched with 20 million units in circulation, each backed 1:1 by euro reserves held at Caceis Bank, and is fully compliant with the European Union's Markets in Crypto-Assets (MiCA) regulatory framework.

EURXT has already seen its first real-world application: the token was used to settle a subscription into a tokenized money market fund managed by Amundi, one of Europe's largest asset managers, which oversees 2.4 trillion euros ($2.73 trillion) in assets under management. Amundi had previously launched a tokenized share class for its flagship euro cash fund on Ethereum in 2025.

The new token enters a market where competition is already active. Circle's EURC currently has approximately 378 million tokens in circulation, while Société Générale's EURCV stands at around 124 million. At 20 million tokens, EURXT is significantly smaller at launch, but Crédit Agricole's scale as a major European banking institution gives the project notable institutional backing.

A further competitive challenge comes from Qivalis, a coalition of 37 European banks that is jointly developing its own euro-pegged stablecoin, with plans to release it later in 2026. The project underscores the broader institutional race to establish dominance in euro-denominated digital assets.

The euro stablecoin market has expanded rapidly since MiCA provisions covering such tokens came into force approximately one year ago. According to a study by DECTA, the market capitalization of euro stablecoins more than doubled over a 12-month period. Despite this growth, the euro stablecoin segment remains a niche player on a global scale, representing just 0.5% of the overall stablecoin market, which continues to be dominated by U.S. dollar-pegged tokens such as Tether's USDT and Circle's USDC.

Crédit Agricole stated that the EURXT token is a component of its ACT 2028 strategic plan, which includes a broader institutional commitment to tokenized finance. The bank, trading under ticker ACA, positions Caceis Bank as the operational backbone for the issuance and reserve management of the token, aligning the project with its existing asset-servicing infrastructure.

Caceis Bank published details of the launch on its official website, confirming the MiCA compliance status and the Ethereum-based issuance mechanism. No specific timeline for expanding the token supply beyond the initial 20 million was disclosed at the time of the announcement.